Top 5 Risk Off Stocks That You May Want To Dump In Q1 2023

The most overbought stocks in the consumer staples sector presents an opportunity to go short on these overvalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

Fresh Del Monte Produce Inc (NYSE: FDP)

• Fresh Del Monte Produce reported better-than-expected Q4 adjusted EPS and sales results. The company’s stock has a 52-week high of $31.72 .
• RSI Value: 83.69
• FDP Price Action: Shares of Fresh Del Monte Produce jumped 10% to close at $31.50 on Wednesday and lost 0.1% in after-hours trading.

Hostess Brands Inc (NASDAQ: TWNK)

• Hostess Brands reported better-than-expected Q4 adjusted EPS and sales results. The company’s stock has a 52-week high of $29.00.
• RSI Value: 78.50
• TWNK Price Action: Shares of Hostess Brands jumped 8% to close at $24.63 on Wednesday and lost 0.1% in after-hours trading.

Rite Aid Corp (NYSE: RAD)

• Rite Aid plans to dispense abortion pill mifepristone in a limited number of its pharmacies and will serve customers in person or through mail delivery. The company has a 52-week high of $11.60.
• RSI Value: 70.23
• RAD Price Action: Shares of Rite Aid gained 5.1% to close at $4.11 on Wednesday and added 1% in after-hours trading.

Natural Grocers by Vitamin Cottage Inc (NYSE: NGVC)

• Natural Grocers posted downbeat earnings for its first quarter. The company’s 52-week high is $24.25.
• RSI Value: 71.62
• NGVC Price Action: Shares of Natural Grocers by Vitamin Cottage gained 5.5% to close at $10.91 on Wednesday.

Dole PLC (NYSE: DOLE)

• Dole Plc agreed to sell fresh vegetables division to an affiliate of Fresh Express for $293 million gross proceeds. The company has a 52-week high of $15.78.
• RSI Value: 74.71
• DOLE Price Action: Shares of Dole gained 2.8% to settle at $11.65 on Wednesday and added 1.3% in after-hours trading.

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